Ripple Will Incorporate AI Services; How is XRP Price Reacting?
YEREVAN (CoinChatper.com) — Ripple AI is a huge possibility in the future, according to Ripple Labs Chief Technology Officer (CTO) Joel Katz, who noted they could incorporate artificial intelligence (AI) to play a significant role in the improvement of its services, among other advancements.
Ripple Flirts With Artificial Intelligence
Katz commented that in 2024, integrating AI with blockchain technology will significantly transform cybersecurity and financial services, primarily by improving the security of ledger systems.
The CTO pointed out that AI can provide precise market analysis and facilitate automated trading. In particular, AI chatbots, akin to those found on the XRP Ledger (XRPL), will likely streamline development processes, encourage worldwide innovation, and promote financial inclusivity.
Notably, the company has not yet announced a direct AI incorporation. However, it could be a matter of time, as blockchain AI also took off in Q4, 2023.
Meanwhile, Ripple CEO Brad Garlinghouse commented that regulation compliance is another direction the company will take. The executive did not just mean the US, as Ripple is currently engaged in a lawsuit filed by the US Securities and Exchange Commission (SEC) over alleged non-compliance with US investment laws.
While Ripple expands its plans for 2024, the XRP token price action does not seem impressed by them. CoinChapter reported that the token still flatlines, gearing up for a break. However, the direction of the said break is not yet evident, albeit the bull efforts might take over.
XRP Price Mum to Ripple’s AI News
On Dec 22, the XRP price still flatlined by $0.61, virtually unchanged in the previous 24 hours.
Meanwhile, a detailed view of the XRP price action revealed that the token has traded within a symmetrical triangle since its court-driven rally in mid-July. The triangle entails two converging trendlines with a similar slope. They connect the swing highs and lows, predicting a sharp move equal to the maximal triangle height, predicting a win or loss over 60%.
However, according to CoinShares’ latest weekly report, the token’s inflows stood at $2.7 million. Considering the outflows from Bitcoin and Ethereum, XRP’s inflows could be considered a bullish factor.
While XRP price technicals could not give a definitive answer, on-chain metrics indicate a bullish continuation ahead. However, the altcoin does not exist independently from the rest of the market.
Thus, potential investors should watch macroeconomic factors closely and fluctuations in the Bitcoin market to make a well-balanced decision about their investment. Additionally, RIpple’s AI vector could result in wider adoption and improved services.
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